Connect with us

Business

NNPCL Rejects Senate’s Move To Increase Oil Production Benchmark

Published

2 years ago

on

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has rejected the move by the Senate Committee on Appropriation to increase the crude oil production benchmark in the 2024 Appropriation Bill from 1.7 million barrels per day to 1.8 mb/d.
The Chairman, Senate Committee on Appropriation, Solomon Adeola, had given the suggestion during the budget defence session between his committee and the management of the NNPCL.
The Federal Government, in the Appropriation Bill, gave an average crude oil production benchmark of 1.78 mb/d, and a crude oil price benchmark of $77.96.
The NNPCL GCEO told the committee that the oil giant would stick to the benchmark approved by President Bola Tinubu in the Appropriation Bill.
Kyari submitted that the crude oil price and production benchmarks were based on dynamics in the global oil market.
He said, “I will advise that we stick to the submission of Mr President on the quota. There is no way we will get crude oil (for) less than $70.
“Once economies are growing, there will be sustained demands for crude oil in our country and other countries.
“The estimates supplied by Mr President are realistic. When we say production, we mean total production of crude oil and condensates.
“So we combine condensates and crude oil as total marginal production. So we know our estimates are realistic. There is no curtailment on condensates from OPEC.”
Reinforcing his stance on realistic estimates by Tinubu, Kyari, however, cautioned that security challenges in the Niger Delta region could frustrate the projections of the Federal Government, citing crude oil theft.
The NNPCL GCEO told the gathering of lawmakers and journalists that illegal crude oil bunkering in the oil-producing states is alarming as he revealed that there were over 4,800 illegal connections on crude oil pipelines.
Kyari, while responding to the comments by a Peoples Democratic Party lawmaker representing Bayelsa Central, Benson Konbowei, who said he, like every other person from the Niger Delta, could distill oil, said, “The situation we have in (the) Niger Delta in terms of security is a calamity.
“We don’t have that anywhere in the world. As it is today, about 4,800 illegal connections are made on the over 5,000 oil pipelines across the country.
“The illegal connections on oil pipelines in the Niger Delta is so rampant that within 100 kilometres of the affected pipelines, 300 insertions are made on them, which eventually made the pipe to be weak to the point of not being able to hold the pressure of oil pumped, let alone, delivering it to the targeted destination.
“Additionally, it is abnormal to engage non-state actors to protect critical assets like oil pipelines. We have, however, responded abnormally and are getting results, because unlike as it was in July 2022 when less than 1.2 million barrels of oil were produced per day, it has been 1.5 million barrels per day within the last two to three months.”
Kyari also gave an update on the turnaround maintenance of the nation’s four refineries, insisting that the Port Harcourt refineries would come on stream in December while the Warri Refinery would resume production in the first quarter of 2024.
The NNPCL GCEO gave December 2024 as the production target of the Kaduna Refinery.
He also informed the committee members that the 1.78 mbp/d oil production for the 2024 budget, included condensate which was 200,000 to 300,000 barrels bp/d.
Reacting, Senator Adeola, said Kyari had strengthened the committee’s convictions on the workability of the assumptions and projections of the 2024 budgetary proposals.

Related Topics:
Continue Reading

Business

Boat Mishap Kills Pastor, Wife And Church Members  In Brass Water

Published

6 days ago

on

May 18, 2026

By

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and  members of his church were in a programme.
?
?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet  to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report,  our Correspondent gathered  that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s  on the sad accident
By: CHINEDU WOSU
Continue Reading

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

6 days ago

on

May 18, 2026

By

The Rivers State Council of  Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt,  recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that  the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also  informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
Continue Reading

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

2 weeks ago

on

May 13, 2026

By

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
Continue Reading

Trending